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2022-03-31-accounts

Registered Company number: 1221968 Charity number: 270080

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

CONTENTS
Page
Company information 1 - 2
Trustees' report including the strategic report 3 – 11
Statement of Trustees’ responsibilities 12
Independent auditor's report 13 – 15
Consolidated statement of financial activities 16
Consolidated balance sheet 17
Charity balance sheet 18
Consolidated statement of cashflows 19
Notes to the financial statements 20 - 40

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

COMPANY INFORMATION

DIRECTORS & TRUSTEES

Uzma Hasan * - Chair Keerthi Kollimada Appointed 18 May 2022 Lynette Linton Kathryn Marten Raj Parkash * Stephen Pidcock Catherine Score Mercy Umeh Appointed 18 May 2022 Simon Dowson-Collins Resigned 17 November 2021 Niove Janis Resigned 18 May 2022 Nike Jonah Resigned 17 November 2021

COMPANY SECRETARY

Lauren Clancy

KEY MANAGEMENT

Lauren Clancy – Executive Director Lynette Linton – Artistic Director

REGISTERED OFFICE

7 Uxbridge Road Shepherd’s Bush London W12 8LJ

PRINCIPAL OFFICE

Bush Theatre 7 Uxbridge Road London W12 8LJ

INDEPENDENT AUDITOR

Saffery Champness LLP Chartered Accountants Statutory Auditor 71 Queen Victoria Street London EC4V 4BE

Page 1

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

COMPANY INFORMATION (continued)

PRINCIPAL BANKERS

National Westminster Bank Plc 25 Shepherd’s Bush Green London W12 8PR

LEGAL ADVISERS

Harbottle & Lewis Hanover House 14 Hanover Square London W1S 1HP

COMPANY NUMBER

Registered in England and Wales - 1221968

REGISTERED CHARITY NUMBER

Registered in England and Wales - 270080

Page 2

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the consolidated financial statements of the Alternative Theatre Company Limited, trading as the Bush Theatre (the “Company”), Bush Theatre Trading Limited and Bush Theatre Productions Limited (the “Group”), for the year ended 31 March 2022. The Trustees confirm that the annual report and financial statements of the group comply with the Charities Act 2011, the Companies Act 2006, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The company’s core objectives (as per the governing document) are:

All the company’s activities are aimed at achieving these core objectives and many of the activities are complementary, helping to achieve more than one objective. In the current year the ability of the Charity to achieve its core objectives was significantly impacted by the government regulations implemented to restrict the spread of the Coronavirus. The specific results that evidence the performance of the Charity against its objectives, with comparison to our Arts Council England (“ACE”) action plan are:

Additional information on the performance of the charity against its objectives is contained in the Strategic Report.

The Bush Theatre is an equal opportunities employer and encourages contributions from all sectors of the community.

Page 3

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

The company is governed by its Memorandum and Articles of Association.

The governing body is the Board of Trustees, led by the Chair. The Board will normally meet at least four times a year with the Senior Executive Team also present. The Board is involved in all major decisions and has responsibility for the organisation’s conduct and financial sustainability.

In the year ended 31 March 2022 the Board met four times. In addition, one extraordinary meeting was held during the year to review the ACE portfolio grant submission.

The company has two wholly-owned subsidiaries;

The Trustees have extensive senior experience in a range of sectors that include theatre and the performing arts, marketing, philanthropy, entrepreneurship, finance, legal, and business management.

The Board tenure is a four-year renewable term. By targeting individuals with appropriate experience, the Trustees aim to broaden the Board’s skill base through ongoing recruitment. The Trustees receive no remuneration. The Trustees during the year and as at the date of this report are listed on page 1 of this report and accounts.

New trustees receive a briefing pack including key statutory documents, information about the company and a copy of the Memorandum and Articles of Association. They also have an informal induction meeting with the Executive Director and a meeting with the Artistic Director.

Simon Johnson retired as a Trustee and Chair of the Board on 31 July 2021. The Trustees and staff wish to thank Simon for his immense contribution. ~~U~~ zma Hasan was appointed as a Trustee and Chair of the Board on 1 August 2021.

The Board establishes Committees from time to time to oversee certain aspects of the Bush Theatre’s activities. These are main Board Committees with delegated authority in respect of certain functions and activities. Each Board Committee has written Terms of Reference approved by the Board and reports to the Board at each Board meeting. The Board Committee which operated during the year was;

The Board appoints the Senior Executive Team, comprising the Artistic Director and the Executive Director and monitors their performance. The Board has delegated responsibility for the management of the company on a day-to-day basis to the Senior Executive Team. The Artistic Director is responsible for the artistic direction of the company, its management and programming. The Executive Director works closely with the Artistic Director on the strategic leadership of the group and is responsible for all other operational aspects of the company, including finance.

The responsibility for the appointment of all other staff is delegated by the Board to the Senior Executive team. The Senior Executive Team is supported by departments covering administration, development, finance, literary, marketing, production and operations.

Page 4

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The Senior Executive Team regularly reports to the Trustees, who are responsible for;

The pay and benefits of the Senior Executive Team is reviewed by the Trustees annually. The pay and benefits are determined based on the skills and experience of the individuals and with reference to the relevant salary and benefit rates in the industry.

Related parties are identified though the annual completion of Trustee declaration of interest forms. Any transaction with a related party requires ratification by the other members of the Board.

The company maintains indemnity insurance for the directors of the company.

Public Benefit

In setting its objectives and carrying out its activities the Trustees confirm that they have given due consideration to the Charity Commission’s guidance on Public Benefit.

STRATEGIC REPORT

Introduction

We continued to live our mission of producing great plays, developing talent, and driving forward our work in community engagement, although our approach to doing so during the year had to be modified in response to the restrictions required by the government to restrict the spread of the Coronavirus. A summary of our key achievements compared to the targets contained in the business plan submitted to Arts Council England (“ACE”) is set out in the Objectives and Activities section above and discussed further below.

This report focuses on our activities in the year. The planned actions arising from our response to the Coronavirus pandemic are discussed at the end of this strategic report under the “Looking forward” heading.

Artistic excellence – Producing the best new theatre writing

In the year we were able to refocus on delivering our programme of great art and talent development, within government restrictions, with a continued priority to find opportunities to employ the freelancers who make up 70% of the theatre industry and to support their development. We also focused on reaching new audiences with digital productions in order to remain relevant and to leverage philanthropy both in the year and in the future. Our productions continued to exemplify the cultural diversity of London: in the year 50% of creative team members on our productions (action plan 33%) were from Black, Asian or ethnically diverse backgrounds

Our work continued to demonstrate major cultural significance beyond our walls. Our digital productions reached 1,425 people from across the world.

Page 5

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

STRATEGIC REPORT (continued)

Artistic excellence – Producing the best new theatre writing (continued)

Following the success of Overflow – Online in the prior year, we partnered with the BBC on the international premiere of Phoebe Eclair-Powell’s Harm, a dark comedy about the corrosive effects of social medial and isolation. With the support of CRF, Harm was filmed exclusively for television during March 2021 and broadcast in April 2021, with 79,000 people watching live.

Talent development – Developing and promoting the best new theatre writing

We are proud to have run our talent development programme in full during the year and to have maintained continued accessibility through online interventions.

We met or exceeded all of our targets in providing online and offline resources to encourage a new generation of people to engage with the craft of playwriting. In January we closed our open script submissions window having received 998 scripts (2021: 969 scripts).

A total of 9 (2021: 9) full commissions were made during the year. We are proud that two of our past Emerging Writers’ Group members had productions in the year. Benedict Lombe's play, Lava, opened in July 21 and Ella Road's Fair Play opened in December 21.

Talent development – Providing professional development, education and training

Building on our past strategic actions to provide more professional development for individuals in the industry we appointed a fully paid Resident Director in the year, Monae Robinson. The introduction of this role enabled us to provide specific career development opportunities to the Resident Director, including the opportunity to direct the Young Company members in their productions during the year.

We also continued to focus on developing a diverse administrative workforce in line with our equality action plan, which recognises a lack of Black, Asian and ethnically diverse staff in senior positions at the Bush and in the wider industry. We introduced specific training on a range of topics, including diversity and engaged with initiatives to provide direct support to freelancers and other creatives to enable them to develop their careers.

Page 6

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

STRATEGIC REPORT (continued)

Community – Increasing audience access to new writing

As the most restrictive effects of the pandemic on our community provision dissipated we were delighted to be able to grow our programme back to pre-pandemic levels.

Continuing our work of deepening our engagement model for young people, we worked with our 17 Young Company members on a weekly term-time basis, culminating in the Bush's very first young company production, Back Up!, in August 2021, selling 158 tickets across 2 performances. Expanding our Young Company offer by adding an older age group, we met with over 100 young artists aged 18 - 25 and offered places to 24 who have continued to meet weekly ahead of their first production in August 2022.

We returned with two Local Partnership Scheme groups (formerly Community Associate Companies); our longrunning Neighbourhood Group and a newly formed Notting Hill Carnival Project group who worked with us between September - March to create and perform two original productions, WE ARE HERE by Neighbourhood Company (Holloway Theatre) and The Route (Studio) by Notting Hill Carnival Project. We engaged with 35 participants across both of the groups and sold a combined 433 tickets across 7 performances.

We launched a brand new Schools Project in Feb/March 2022 where we offered 159 local students free tickets to Red Pitch followed by a Q&A with the cast, writer and director. 3 schools took part in a pre-show workshop exploring the themes of the production. We also secured 60 free play texts for schools and students taking part in the project.

We continued our partnership work with workshops and projects alongside Shepherd’s Bush Families Project, Phoenix Academy and Masbro Centre as well as a range of schools and charities delivering 17 one-off workshops and 3 bespoke short-term projects, as well as offering 587 free tickets to our productions. In total, we delivered 3682 engagements with 1194 community participants.

Fundraising

We continued to build long term relationships with companies, trusts and individuals who understand and support our values and wish to support our work. Policies and procedures developed in-house guide our principles and ensure we are compliant with data protection law. We are registered with the Fundraising Regulator to further support good fundraising practice and to show our commitment to the Code of Fundraising Practice. No external third party professional fundraisers or commercial fundraisers are used by the charity to contact existing donors or potential donors. There were no breaches of the Code in the year.

The restriction of our activities as discussed above means that we do not contact vulnerable people as part of any fundraising activity.

No person within the charity or any other person acting on behalf of the charity was subject to an undertaking to be bound by a voluntary scheme for regulating fund raising or any voluntary standard of fundraising.

We have received no complaints about activities by the charity for the purposes of fundraising.

Page 7

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

STRATEGIC REPORT (continued)

Fundraising (continued)

In the year we engaged with a wide range of existing and new funders to generate funds and were successful in raising £375,428 (2021: £422,922) of development income in the year, a major achievement given the difficult economic conditions.

We were immensely grateful to receive £125,000 from the Culture Recovery Fund from ACE during the year, in addition to our core grant funding.

In addition to the continued support from ACE we received funding from the following trusts and foundations to fund our activities during the year; 29th May 1961 Charitable Trust, Cockayne Foundation, Backstage Trust, Daisy Trust, Esmee Fairbairn Foundation, Garfield Weston Foundation, Hammersmith United Charities, Harold Hyam Wingate Trust, John Lyon’s Charity, Martin Bowley Charitable Trust, Noel Coward Foundation, Royal Victoria Hall Foundation, Teal Charitable Trust, Tudor Trust, Weinstock Fund.

We also received very welcome funding from the following corporate donors during the year; Biznography, The Ambassador Theatre Group and Wynchwood Media.

The Trustees wish to thank all the trusts, foundations and individuals who made our programme possible.

Financial review

The company’s key financial objective is to ensure financial sustainability so that the charity can pursue its aims and objectives. In support of this key objective are policies relating to reserves, financial risk, trading activities and fundraising which are addressed in more detail within this report.

The company’s key financial performance indicators are total income, total expenditure, the net surplus/(deficit) in the year and the level of funds available to support the future activities of the charity.

The company has prepared accounts in compliance with SORP in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The statement of financial activities (SOFA), balance sheets, statement of cash flows and notes are set out from page 15 onwards.

Income

Total income for the year was £1,811,002 (2021: £1,761,261). Of the total income, £1,206,037 (2021 £1,585,394) was from grants and donations used to support the artistic activity, community investment and talent development activities of the theatre, £396,869 (2021: £135,452) was from charitable activities, £208,023 (2021: £40,200) was other trading income and £73 (2021: £214) was investment income. The variances in income from the prior year reflect the ability to reopen the theatre following the relaxation of the government Covid 19 restrictions and the reduction in the related Covid 19 support from ACE and other government departments.

Arts Council England funding totaled £731,234 (2021: £856,234) of which £125,000 (2021: £250,000) was the Culture Recovery Fund grant to support our artistic programme and the remaining £606,234 (2020: £606,234) represented the annual core funding which supports the full range of artistic activity and talent development.

Page 8

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

STRATEGIC REPORT (continued)

Financial review (continued)

Expenditure

Total expenditure for the year was £2,342,561 (2021: £1,803,345). The variances in expenditure from the prior year reflect the ability to reopen the theatre following the relaxation of the government Covid 19 restrictions, with substantial increases in expenditure on charitable activities and other trading activities.

Net (deficit)/surplus

The Group reported a deficit of £531,559, (2021: £42,084) for the year. After adding back the charge for depreciation the Group operating deficit was £187,051 (2021: surplus £291,193).

The deficit on restricted funds, before reserve transfers, was £282,547 (2021: deficit £388,027). The operating deficit on unrestricted funds, before reserve transfers, was £249,012 (2021: surplus £345,943) for the year. The surpluses and deficits reflect the net impact of the income and expenditure discussed above.

The deficit in the year reflected the planned utilisation of the unrestricted funding that had been received in the prior year.

Funds

Total funds at the year-end were £4,361,008 (2021: £4,892,567) of which £3,750,766 (2021: £4,043,313) was restricted and £610,242 (2021: £849,254) was unrestricted.

Of the restricted funds, £3,656,248 (2021: £3,943,318) represents the net book value of fixed assets that were funded by the capital grant funding. The remaining restricted funds represent the balance on the capital revenue funding and the funds that have been restricted in use by the requirements of the funder.

Of the total unrestricted funds, £250,000 was designated funds (2021: £nil). These funds were designated for the expenditure that is anticipated to be required on the roof repair and replacement.

As at the year end the general reserves were £360,242 (2021: £849,254).

Reserves policy

The Trustees review the charity’s reserves policy as an integral part of their review of the charity’s future plans. As at the 31 March 2022 the free reserves of the group, being the undesignated general reserves not otherwise invested in tangible fixed assets were £340,712 (2021: £799,767).

Under its reserve policy the charity maintains a general reserve to protect the charity against reasonable fluctuations in trading income and donations in the future, including the fluctuations arising from the continued government restrictions arising from Coronavirus. The Trustees recognise the inherent risks and uncertainties involved in presenting theatrical productions and aim to maintain a minimum level in the general reserve of £320,000 to cover contracted production expenditure and administration, building and staff costs for three months. This general reserve level will be maintained over the medium term through the implementation of balanced budgets with surpluses at a level consistent with the charitable status of the company. The planned actions arising from our response to the Coronavirus pandemic are discussed at the end of this strategic report under the “Looking forward” heading.

Page 9

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

STRATEGIC REPORT (continued)

PRINCIPAL RISKS AND UNCERTAINTIES

The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks. The ACE core funding for the charity is confirmed until March 2022. The Trustees will continue to regularly review the programme of activity, cashflow forecasts and private income sources of the charity to identify and mitigate the risks generated by its activities. The internal financial controls are periodically reviewed to ensure that they still are appropriate for and sufficient for the charity.

A comprehensive risk register was created as part of the five-year business plan and is reviewed by the board on an ongoing basis and updated. The most significant risks at the end of the year were:

GOING CONCERN

The Board and management of the Charity have carefully considered the Bush’s financial projections and cash flows and have undertaken scenario planning to consider the financial impact on the Charity of any further restrictions arising from Coronavirus. This scenario planning has incorporated an assessment of the availability of funding from ACE and from other Trusts and Foundations, together with the ability of the Charity to utilise the support available from the government. The financial status of the Charity is kept under continuous review to enable emerging financial risks that may impact the going concern status of the Charity to be identified and mitigating actions taken.

The Trustees have reviewed the going concern status of the Charity with reference to the strategy contained in the Business Plan submitted to ACE, the actual results for the year ended 31 March 2022 the detailed budget and cashflow for the year ending 31 March 2023 and the budget prepared for the financial year ended 31 March 2024.

Based on this review the Trustees believe that the accounts can be prepared on a going concern basis.

Page 10

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

STRATEGIC REPORT (continued)

LOOKING FORWARD

Future plans

Our future plan for the theatre is to fully implement the core objectives set out in this report.

Our action plan for the year ahead is to present 381 performances of 10 new productions across our two performance spaces. 9 of these shows are expected to be Bush commissions and 1 from a member of our Emerging Writers' Group.

In line with our continued aim to have a programme that represents the diversity of London in terms of gender, disability and cultural background, our specific targets for the year ahead recognise our need to improve representation from Asian and disabled voices.

We will use the Studio to support emerging new writing by programming a season of work written by the members of our Emerging Writers Group.

We continue our focus on British and Irish writers. We can see Bush commissions coming to fruition from writers who see the world from many different vantage points and we are particularly interested in telling stories about the Black British experience. In order to encourage cultural exchange between international playwrights and Bush writers, we are proud to be building our partnerships overseas.

The Board and management of the Charity have carefully considered the Bush’s financial projections and cash flows and have undertaken scenario planning to consider the financial impact on the Charity of any further restrictions arising from Coronavirus. This scenario planning has incorporated an assessment of the availability of funding from ACE and from other Trusts and Foundations, together with the ability of the Charity to utilise any support available from the government. Based on this review they consider that the Charity has sufficient reserves to continue to operate as a going concern. The financial status of the Charity is kept under continuous review to enable emerging financial risks that may impact the going concern status of the Charity to be identified and mitigating actions taken.

The specific objectives for the forthcoming year are:

The Trustees would like to record their thanks to the Bush Theatre staff and management for their hard work and achievements throughout the year and their continued dedication to the Charity and the wider artistic community in the face of continued external challenges.

Page 11

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of Alternative Theatre Company Limited for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Provision of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditor

Saffery Champness LLP were appointed as auditor during the year. A resolution to reappoint Saffery Champness LLP as auditor for the ensuing year will be proposed at the forthcoming annual general meeting.

This report was approved by the Trustees and was signed on their behalf, by:

Uzma Hasan Trustee

Date: 7 September 2022

Page 12

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ALTERNATIVE THEATRE COMPANY LIMITED

Opinion

We have audited the financial statements of Alternative Theatre Company Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report and Consolidated Financial Statements other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Page 13

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ALTERNATIVE THEATRE COMPANY LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 12, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Page 14

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ALTERNATIVE THEATRE COMPANY LIMITED

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Wills (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4V 4BE

Date September 2022 9

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 15

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2022

Note
INCOME AND ENDOWMENTS
FROM:
Grants and donations
3
Charitable activities
4
Other trading activities
5
Investments
6
TOTAL INCOME
EXPENDITURE ON:
Raising funds
7
Other trading activities
Charitable activities
8
TOTAL EXPENDITURE
Other gains/(losses)
9
NET (EXPENDITURE)/INCOME
Transfers between funds
16
NET MOVEMENT IN FUNDS
10
Total funds at 1 April
TOTAL FUNDS AT 31 MARCH		 Restricted
funds
Unrestricted
funds
2022
£
2022
£
153,050
1,052,987
-
396,869
-
208,023
-
73
_
_
153,050
1,657,952
_
_
-
94,640
-
185,907
435,597
1,626,417
_
_
435,597
1,906,964
_
_
-
-
__
_
(282,547)
(249,012)
(10,000)
10,000
_
_
(292,547)
(239,012)
4,043,313
849,254
_
___
3,750,766
610,242

 Total
funds
2022
£
1,206,037
396,869
208,023
73
_
1,811,002
_
94,640
185,907
2,062,014
_
2,342,561
_

-
_
(531,559)
-
_
(531,559)
4,892,567
___
4,361,008
 Restricted
funds
Unrestricted
funds
2021
£
2021
£
106,500
1,478,894
-
135,453
-
40,200
-
214
_
_
106,500
1,654,761
_
_
-
91,317
-
140,916
494,527
1,076,585
_
_
494,527
1,308,818
_
_
-
-
_
_
(388,027)
345,943
(10,000)
10,000
_
_
(398,027)
355,943
4,441,340
493,311
_
_
4,043,313
849,254

 Total
funds
2021
£
1,585,394
135,453
40,200
214
_
1,761,261
_
91,317
140,916
1,571,112
_
1,803,345
_

-
_

(42,084)
-
_

(42,084)
4,934,651
___
4,892,567

The notes on pages 20 to 40 form part of these financial statements.

Page 16

ALTERNATIVE THEATRE COMPA14Y LIMITED IA company limltsd by guardnt•o1 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022 REGISTERED tIUMBER: 1221968 2022 2021 Note FIXED ASSETS Tangible assets 12 3.675,77 3,992,804 CURRENT ASSEf3 Stocks 6.1XlO 5,750 Debtors 14 191.737 355.744 Cash al bank 659218 706 245 Total cU￿￿t assets 856.955 1.069.739 CREDITORS: amounts folling du& wlthin one yaar 15 169 976 NET CURRENT ASSETS 685 230 899.763 NET ASSETS FUNDS Restricted funds 16 3.750.766 4,043.313 Unreslricled funds 16 TOTAL FUNDS 4,361,008 4,892,567 Th ancial statements were approved by the Twslees and signed on their behalf by= Raj ar Date.. 7 Seplemb&r 2022 The note5 on pages 20 10 40 form part of Ihese financial slatemenls. Page 17

ALTERNATIVE THEATRE COMPANY LIMITED IA company limlt•d by guarantee) CHARITY BALANCE SHEET AS AT 31 MARCH 2022 REGISTEREO NUMBER: 1221968 2022 2021 Note FIXED ASSETS Tangible assets 12 3.675,778 3.992,804 Inveslmonts 13 200 3,675.978 3.993,004 CURREhlT ASSETS Stocks 1,000 Debtors 14 222,462 396,619 Cash 8t bank Total current assets 882,621 1,104,804 CREDITORS: amounts falling due wilhln one year 15 171725 NET CURRENT ASSETS 710896 MET ASSETS FUNDS Reslrtcted funds 16 3,750,788 4,043,313 Unreslricled funds 636 108 TOTAL FUNDS Thg Charity's defficil for the yèar was £540.95812021= d&fi¢¢t £6,819). A separate Sl*emenl of Financial Aciivlliès forthe charity itself is not pie8enled becaus8 the Charity has taken advantage of the exemption afforde(I by se¢tion 408 of the Comp8ni85 Act 2006. The financial slalemen18 were approved by the Trustees and signed on their behalf by.. Tru Dale.. 7 Septèmber 2022 The note5 on pages 20 to 40 foTm part of these financial 81alemenls. Page 18

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDING 31 MARCH 2022

2022
£
OPERATING ACTIVITIES
Net expenditure for the financial year
(531,559)
Adjustments for:
Depreciation of tangible assets
344,508
Interest received
(73)
(Increase) in stocks
(250)
Decrease in debtors
164,007
Increase/(decrease) in creditors
1,749
NET CASH FROM OPERATING ACTIVITIES
(21,618)
INVESTING ACTIVITIES
Interest received
73
Payments to acquire tangible fixed assets
(27,482)
NET CASH FROM INVESTING ACTIVITIES
(27,409)
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
(49,027)
CASH AND CASH EQUIVALENTS AT 1 APRIL
708,245
CASH AND CASH EQUIVALENTS AT 31 MARCH
659,218
Brought
Forward
£
Cash flow
£
Analysis of changes in cash and net debt
Cash and net debt
708,245
(49,027)
_
__
708,245
(49,027)

 2021
£
(42,084)
333,277
(214)
(5)
107,755
(70,338)
328,391)
214
-
214
328,605
379,640
708,245
Carried
Forward
£
659,218
_
659,218

The group holds all cash in accounts with immediate access. No cash is held as deposits. The group does not have an overdraft facility.

Page 19

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

The principal accounting policies adapted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019 – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1. Alternative Theatre Company Limited meets the definition of a public benefit entity under FRS 102.

1.2 Basis of Consolidation

The financial statements consolidate the results of the charity and its wholly owned subsidiaries. A separate Statement of Financial Activities for the charity itself is not presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

1.3 Going concern

The consideration of the going concern status of the Charity is contained in the Strategic Report.

The Trustees have prepared budgets and cash flow forecasts covering a period of at least 12 months from the date of approval of the financial statements and have considered the financial impact on the Charity of any further restrictions arising from Coronavirus. On this basis, the Trustees are satisfied that the group is a going concern. The risks mentioned in the Trustees' report have been taken into account when preparing these budgets and forecasts and measures have been put in place to mitigate these risks. Based on this review the Trustees believe that the accounts can be prepared on a going concern basis.

1.4 Company status

The charity is a private company limited by guarantee incorporated in England and Wales. The members of the company are the Trustees named on page 1 (who are also directors for the purposes of company law). In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.5 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds comprise monies where a restriction has been placed on their use by a donor (for a purpose which falls within but is narrower than the general charitable objectives). Restricted funds are distributed in accordance with the terms of the applicable restriction.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The nature and purpose of each designated fund is set out in the notes.

Page 20

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1.6 Income

Income is included in the Statement of Financial Activities when the charity is legally entitled to the income, receipt is considered to be probable and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are received. Gifts donated for resale are recognised in accordance with this policy with the subsequent sale being included as income when the gifts are sold.

Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost that would be incurred by the Charity to acquire an equivalent asset.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

The receivable for Theatre Tax Relief credits is recognised in the year that the eligible expenditure is incurred.

Grant income is included in the Statement of Financial Activities when the grant giver has confirmed their agreement to grant the Charity the funds and any pre-conditions relating to the receipt of the income have been satisfied so that the grant is un-conditional.

Grant income received under the Job Support Scheme (“Furlough”) is recorded in the year that the eligible expenditure is incurred.

1.7 Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Page 21

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1.8 Allocation of support costs (basis of apportionment)

Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs which are apportioned on the same basis as support costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

1.9 Production costs and related income or grants

Costs incurred in respect of a theatre production which meet the definition of a prepayment are carried forward at the balance sheet date. Income or grants relating to a production that is to commence after the year end are carried forward at the balance sheet date.

1.10 Tangible fixed assets and depreciation

Office equipment items and leasehold improvement items costing more than £1,000 are capitalised. All other assets costing more than £500 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold land - Straight line over length of the lease
Leasehold building - Straight line over the lower of 50 years and length of lease
Leasehold improvements - Straight line over 15 years
Production equipment - Straight line over 5 years
Fixtures and fittings - Straight line over 5 years
Catering equipment - Straight line over 4 years
Office and IT equipment - Straight line over 3 years

1.11 Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.12 Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.13 Stocks

Stocks are valued at the lower of cost and net realisable value and consist of texts for resale and bar stocks.

1.14 Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the Statement of Financial Activities in the year they are payable.

Page 22

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1.15 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.16 Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees consider that the following are the critical estimates and judgements in the year:

The above estimates and judgements have incorporated the impact of any government Covid restrictions on the operations of the Charity.

Page 23

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. FINANCIAL PERFORMANCE OF THE CHARITY

The consolidated Statement of Financial Activities includes the results of the Charity’s wholly owned subsidiaries Bush Theatre Trading Limited and Bush Theatre Productions Ltd.

The summary financial performance of the Charity excluding the subsidiary is as follows:

Income
Expenditure
Other losses
Net (expenditure)/income for the year – movement in total funds
Total funds brought forward
Total funds carried forward
Represented by:
Restricted funds
Unrestricted funds		 _
 2022
£
1,611,839
(2,152,797)
-
(540,958)
4,927,832
_
4,386,874
_
3,750,766
636,108
_
4,386,874
_		 _
 2021
£
1,653,887
(1,660,706)
-
(6,819)
4,934,651
_
4,927,832
_
4,043,313
884,519
_
4,927,832
_




A charitable donation of £nil (2021: £nil) was received from Bush Theatre Trading Limited in the year under a deed of covenant.

3. INCOME FROM GRANTS, DONATIONS AND LEGACIES - GROUP

Grants - Arts Council England
Grants - Local Authority and other statutory
Grants - Other
Grants – Trusts and Foundations
Corporate donations
Donations - Gift aid
Donations - Patrons Scheme
Donations - Other
Total		 Restricted
funds
Unrestricted
funds
2022
£
2022
£
-
731,234
-
58,035
-
41,340
111,800
81,000
31,250
-
-
25,585
-
33,185
10,000
82,608
_
___
153,050
1,052,987

 Total
funds
2022
£
731,234
58,035
41,340
192,800
31,250
25,585
33,185
92,608
___
1,206,037
 Total
funds
2021
£
856,234
28,214
258,024
198,500
6,250
35,048
56,002
147,122
___
1,585,394

The figure for “Grants – Other” includes £41,340 (2021: £258,024) of grants under the Job Support Scheme (“Furlough”)

Page 24

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. INCOME FROM CHARITABLE ACTIVITIES - GROUP

Theatre productions
Split of income from Theatre Productions is as follows:
Box office
Co-productions and exploitation
Playtext and merchandise sales
Equipment sales
Tax credit income
Other income		 2022
£
396,869
_
2022
£
302,005
22,181
8,361
290
53,591
10,441
_
396,869
___		 2021
£
135,453
_
2021
£
49,516
70,971
1,013
-
9,146
4,807
_
135,453
___

5. INCOME FROM OTHER TRADING ACTIVITIES - GROUP

Bar income
Events and room hire income
INVESTMENT INCOME - GROUP
Bank interest		 2022
£
172,582
35,441
_
208,023
_
2022
£
73
___		 2021
£
19,070
21,130
_
40,200
_
2021
£
214
___

6. INVESTMENT INCOME - GROUP

Page 25

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

7. EXPENDITURE ON RAISING FUNDS - GROUP

Development costs
Salary cost		 Total
funds
2022
£
7,124
87,516
_
94,640
_		 Total
funds
2021
£
5,016
86,301
_
91,317
_

8. EXPENDITURE ON CHARITABLE ACTIVITIES - GROUP

Restricted
funds
2022
£
Unrestricted
funds
2022
£
Theatre production:
Administration and building
-
276,961
Production
25,500
358,813
Literary
57,020
21,190
Capital project
-
-
Marketing and sales
-
80,839
Depreciation
287,068
57,440
Staff costs
38,727
802,686
Community engagement
27,282
20,000
Playtext costs and other expenditure
-
8,488
_
_
435,597
1,626,417
_
_
The above expenses include the following support costs:
Staff costs - Administration & finance
Staff costs - Premises
IT expenses
General administration expenses
Governance costs
-
External audit fee
-
Legal and professional
-
Board expenses and training
-
Senior management time
_
 Total
funds
2022
£
276,961
384,313
78,210
-
80,839
344,508
841,413
47,282
8,488
_
2,062,014
_
2022
£
142,313
34,698
9,706
52,880
13,375
18,588
-
13,917
_
285,477
_		 _
 Total
funds
2021
£
160,727
223,390
80,066
-
20,879
333,277
731,674
20,547
552
_
1,571,112
_
2021
£
104,745
21,271
8,967
21,409
12,990
35
-
12,591
_
182,008
_
_ _

Page 26

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. OTHER GAINS/(LOSSES)

Total Total Total
funds funds
2022 2021
£ £
None - -
__ __
- -
__ __
10. NET MOVEMENT IN FUNDS - GROUP
This is stated after charging:
 2022 2021
£ £
Depreciation of tangible fixed assets:
- owned by the charity 344,508 333,277
Auditor’s remuneration:
Audit fees 13,375 12,990
Operating lease rentals: equipment 4,033 4,425
11. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION & EXPENSES AND THE COST OF KEY
MANAGEMENT PERSONNEL
2022 2021
£ £
Wages and salaries 929,564 859,119
Social security costs 68,697 60,289
Pension contributions 21,883 21,703
1,020,144 941,111
The average monthly number of employees during the year was as follows:
2022 2021
No. No.
FOH/Bar staff 31 30
Theatrical production 27 23
Administration 4 4
62 57

The group employed 32 (2021: 34) full time equivalent staff. No employee received remuneration of more than £60,000 (2021: none) during the year.

No trustees received expenses during the year (2021: £Nil).

Page 27

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION & EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL

The Group and Charity considers its key management personnel to comprise the Artistic Director, the Executive Director and the Charity Trustees. The total employment benefits, including national insurance and employer pension contributions, of the key management personnel were £105,925 (2021: £95,620). Further details of the remuneration of the Artistic Director are given in Note 21.

12. TANGIBLE FIXED ASSETS – Group and charity

Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
Disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Long
leasehold land
and buildings
Leasehold
improvements
£
£
1,700,000
3,701,918
-
-
_-
-
1,700,000 3,701,918
__
_
239,894
1,233,976
25,252
246,548
-
-
_
_
265,146
1,480,524
_
_
1,434,854
2,221,394
___
__
1,460,106
2,467,942

 Fixtures, fittings
& equipment
£
661,100
27,482

-
688,582
___
596,344
72,708
-
_
669,052
___
19,530
_______
64,756



Total
£
6,063,018
27,482
-
6,090,500
_
2,070,214
344,508
-
_
2,414,722
_
3,675,778
_
3,992,804
_
 _

In connection with past capital funding ACE holds a fixed charge over the leasehold land and buildings.

13. FIXED ASSET INVESTMENTS - Charity

Cost at 1 April 2021 and 31 March 2022

£200

The subsidiaries are as follows:

Company name Country Percentage Percentage Activity
of shares
owned
Bush Theatre Trading Limited England 100% Management of
Company no 02899516 Cafe/Bar and Events
Bush Theatre Productions Limited England 100% Dormant
Company no 09343516

Page 28

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. FIXED ASSET INVESTMENTS – Charity (continued)

The summary financial performance for the year ending 31 March 2022 and the financial position as at 31 March 2022 of the subsidiaries is as follows:

Bush Theatre Trading Limited Bush Theatre Productions Limited

Profit and loss account:
Turnover
Cost of sales
Gross profit/(loss)
Administrative expenses
Profit/(loss) for the year
Balance sheet:
Current assets
Current liabilities
Net (liabilities)/assets
CAPITAL AND RESERVES:
Called up share capital
Profit and loss account
SHAREHOLDERS’
(DEFICIT)/FUNDS
_




 2022
2021
£
£
241,633
107,375
(189,765)
(115,669)
_
___
51,868
(8,294)
(42,470)
(26,970)
_
_
9,398
(35,264)
_
_
2022
2021
£
£
5,160
5,810
(30,926)
(40,974)
_
_
(25,766)
(35,164)
_
_
100 100
(25,866)
(35,264)
_
__
(25,766)
(35,164)

 2022
£
100
-
_
100
_
100
-
__
100
 2021
£
100
-
_
100
_
100
-
__
100

Bush Theatre Trading Limited and Bush Theatre Productions Limited are exempt from audit by virtue of S479A of Companies Act 2006.

The registered office of the above companies is 7 Uxbridge Road, Shepherds Bush, London, W12 8LJ

Page 29

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

14. DEBTORS

Trade debtors
Amounts receivable from group undertakings
Other debtors
Prepayments and accrued income		 Group
2022
2021
£
£
3,769
91,515
-
-
159,150
218,779
28,818
45,450
191,737
355,744		 Group
2022
2021
£
£
3,769
91,515
-
-
159,150
218,779
28,818
45,450
191,737
355,744		 Charity
2022
2021
£
£

3,768
91,515

30,726
40,875

159,150
218,779

28,818
45,450

222,462
396,619
191,737
355,744
222,462

Included within Other debtors is £Nil (2021: £100,000) relating to amounts due in more than one year. This amount relates to the future payments to be made under a donation agreement entered into in 2019.

15. CREDITORS: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Social security and other taxes
VAT liability
Other creditors
Accruals and deferred income
Deferred income:
Deferred income brought forward
Amounts released from previous year
Income deferred during the year
Deferred income carried forward		 Group
2022
2021
£
£
91,557
78,528
-
-
19,941
15,912
4,204
-
26,199
22,010
29,824
53,526
171,725
169,976
Group
2022
2021
£
£
-
7,334
-
(7,334)
8,270
-
8,270
-		 Group
2022
2021
£
£
91,557
78,528
-
-
19,941
15,912
4,204
-
26,199
22,010
29,824
53,526
171,725
169,976
Group
2022
2021
£
£
-
7,334
-
(7,334)
8,270
-
8,270
-		 Charity
2022
2021
£
£

91,556
78,528

-
-

19,941
15,912

4,204
-

26,199
22,010

29,824
53,526

171,725
169,976
Charity
2022
2021
£
£

-
7,334

-
(7,334)

8,270
-

8,270
-
171,725
169,976
171,725
8,270
-
8,270

Deferred income represents box office income received in advance of performances.

Page 30

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. STATEMENT OF FUNDS

Group
Brought
Forward
£
Unrestricted funds
Designated funds
Roof repairs and replacement
-
_
-
_
General funds
General funds
849,254
_
Group Total
849,254
_
Group and Charity
Restricted funds
Library Development - Fixed assets
162,748
Leasehold Property - Fixed assets
1,463,438
Major Capital Project -Fixed assets
2,317,130
-
Major Capital Project 2013
47,580
Bush Theatre Unlocked
10,000
Talent Development Programme
21,917
Artistic Programme
6,000
Community Engagement Programme
14,500
__
Total restricted funds
4,043,313
_
Group and Charity Total
4,892,567
 Income
£
-
_
-
_
1,657,952
_
1,657,952
_
-
-
-
-
-
-
55,250
35,500
62,300
_
153,050
_
1,811,002
 Expenditure
£
-
_

-
_

(1,906,964)
_

(1,906,964)
_
(45,218)
(25,252)
(216,598)
-
-
-
(57,021)
(25,500)
(66,008)
_
(435,597)
_
(2,342,561)
 Transfers
Carried
Forward
£
£
250,000
250,000
_
_
250,000
250,000
_
_
(240,000)
360,242
_
_
10,000
610,242
_
_
-
117,530
-
1,438,186
-
2,100,532
-
-
-
47,580
(10,000)
-
-
20,146
-
16,000
-
10,792
_
_
(10,000)
3,750,766
__
_
-
4,361,008

Page 31

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. STATEMENT OF FUNDS (continued)

Charity
Brought
Forward
£
Designated funds
Roof repairs and replacement
-
_
-
_
General funds
General funds
884,519
_
Total unrestricted funds
884,519
_
Total restricted funds
4,043,313
_
Charity Total
4,927,832
 Income
£
-
_
-
_
1,458,789
_
1,458,789
_
153,050
__
1,611,839
 Expenditure
£
-
_
-
_
(1,717,200)
_
(1,717,200)
_
(435,597)
___
(2,152,797)
_		 Transfers
£
Carried
Forward
£
250,000
250,000
_
_
250,000
250,000
_
_
(240,000)
386,108
_
_
10,000
636,108
_
_
(10,000)
3,750,766
_
_
-
4,386,874

Designated funds

Roof repairs and replacement Relates to expenditure to repair and replace the roof of the theatre.

Restricted funds

Library Development – Fixed assets

Relates to the funding for the first phase of the Old Shepherd's Bush Library Development. The closing balance represents the net book value of the library development fixed assets.

Leasehold Property – Fixed assets Relates to the gift of the125-year lease of the Old Shepherd's Bush Library by Hammersmith and Fulham Council. The closing balance represents the closing net book value of the leasehold property.

Major Capital Project - Fixed Assets

Relates to the funding of the second phase of capital development of the Old Shepherd's Bush Library, including completing the refurbishment of the building, improving public access and facilities for artists. The closing fund balance represents the net book value of the relevant fixed assets.

Page 32

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. STATEMENT OF FUNDS (continued)

Restricted funds (continued)

Major Capital Project 2013

Relates to the funding for the implementation of the second phase of the capital development of the Old Shepherd’s Bush Library, improving public access and facilities for artists.

Bush Theatre Unlocked

Relates to funding to enable the facilities of the building to be made available to the local community. The release in the year relates to the estimated community benefit provided during the year with no charge, including the provision of the library space and other facilities.

Talent Development Programme

Relates to funding for the development of writers, directors, producers and theatre-makers.

Artistic Programme

Relates to funding to enhance the theatre's artistic programme including the research, development and production of new plays and the programming of the spaces within the Old Library building.

Community Engagement Programme Relates to the funding for the Bush’s community engagement and education programme.

Page 33

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets - unrestricted
Tangible fixed assets - restricted
Fixed asset investments - unrestricted
Cash - unrestricted
Cash - restricted
Other net current assets - unrestricted		 Group
2022
£
19,530
3,656,248
-
564,700
94,518
26,012
___
4,361,008
 2021
£
49,486
3,943,318
-
608,248
99,997
191,518
___
4,892,567
 Charity
2022
£
2021
£
19,530
49,486
3,656,248
3,943,318
200
200
564,641
608,188
94,518
99,997
51,737
226,643
_
_
4,386,874
4,927,832

18. CAPITAL COMMITMENTS

At 31 March the charity and group had capital commitments as follows:

Building Development
2022 2021
£ £
None - -

19. OPERATING LEASE COMMITMENTS

At 31 March the charity and group had minimum lease payments under non-cancellable operating leases as follows:

Within 1 year
Between 2 and 5 years
Over 5 years		 Plant and machinery
2022
2021
£
£
502
6,002
1,129
1,631
-
-
1,631
7,633		 Plant and machinery
2022
2021
£
£
502
6,002
1,129
1,631
-
-
1,631
7,633
7,633

Page 34

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. RETIREMENT BENEFITS

Defined contribution 2022 2021
£ £
Contributions payable by the group for the year 21,882 21,703
Contributions payable to the fund at the year end and included in creditors 5,134 4,891

All contributions relate to unrestricted activities.

21. RELATED PARTY TRANSACTIONS

All related party transactions were entered into in the ordinary course of business consistent with the Group’s policy on potential conflicts of interest. During the year the Group entered into the following transactions with the following related parties:

Simon Johnson was a Trustee of the charity in the prior year. He had a £1,250 membership as a Handful of Stars supporter in the prior year.

Lynette Linton was a Trustee of the charity during the year. She received remuneration of £44,243 (2021: £39,308, National Insurance of £4,886 (2021: £4,212) and pension contributions of £1,327 (2020 £1,179) in her capacity as employee in the year. These payments were made under her contract of employment as Artistic Director.

Kathryn Marten was a Trustee of the charity during the year. She made donations of £Nil in the year (2021: £50).

Raj Parkash was a Trustee of the charity during the year. He had a £350 membership as a Rising Star supporter in the year (2021: £350).

Catherine Score was a Trustee of the charity during the year. She made donations of £15,000 in the year (2021: £15,000).

The transactions between the Charity and the Bush Theatre Trading Limited and the balances outstanding between the companies are set out in note 13 and 15.

Other than as disclosed above there were no balances outstanding with Trustees or their connected entities as at the end of the year or the end of the prior year.

Page 35

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

22. POST BALANCE SHEET EVENTS

Any future restrictions on physical audience numbers and the other social distancing measures put in place by the government in order to restrict the spread of the Coronavirus would have an impact on the ability of the theatre to deliver physical performances. The impact of these future restrictions are considered to represent non-adjusting post balance sheet events.

23. PRIOR YEAR INFORMATION

EXPENDITURE ON CHARITABLE ACTIVITIES - GROUP

Theatre production:
Administration and building
Production
Literary
Capital project
Marketing and sales
Depreciation
Staff costs
Community engagement
Playtext costs and other expenditure
Total		 Restricted
funds
2021
£
Unrestricted
funds
2021
£
-
160,727
-
223,390
78,334
1,732
-
-
-
20,879
333,277
-
62,369
669,305
20,547
-
-
552
_
_
494,527
1,076,585

 Total
funds
2021
£
160,727
223,390
80,066
-
20,879
333,277
731,674
20,547
552
___
1,571,112
 Total
funds
2020
£
219,379
654,011
91,328
8,599
104,801
379,487
779,937
29,916
15,600
___
2,283,058

The above expenses include the following support costs:

Staff costs - Administration & finance
Staff costs - Premises
IT expenses
General administration expenses
Governance costs
-
External audit fee
-
Legal and professional
-
Board expenses and training
-
Senior management time		 2021
£
104,745
21,271
8,967
21,409
12,990
35
-
12,591
_
182,008
_		 2020
£
100,471
18,438
12,333
24,702
12,990
2,366
-
15,600
_
186,900
_

Page 36

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

23. PRIOR YEAR INFORMATION (CONTINUED)

STATEMENT OF FUNDS

Group
Brought
Forward
£
Unrestricted funds
Designated funds
Artistic Development
14,572
_
14,572
_
General funds
General funds
478,739
_
Group Total
493,311
_
Group and Charity
Restricted funds
Library Development - Fixed assets
207,966
Leasehold Property - Fixed assets
1,488,690
Major Capital Project -Fixed assets
2,541,866
Old Library Capital - Fixed assets
38,071
Major Capital Project 2013
47,580
Bush Theatre Unlocked
20,000
Talent Development Programme
30,750
Artistic Programme
6,000
Community Engagement Programme
60,417
__
Total restricted funds
4,441,340
_
Group and Charity Total
4,934,651
 Income
£
-
_
-
_
1,654,761
_
1,654,761
_
-
-
-
-
-
-
69,500
-
37,000
_
106,500
_
1,761,261
 Expenditure
£
-
_

-
_

(1,308,818)
_

(1,308,818)
_
(45,218)
(25,252)
(224,736)
(38,071)
-
-
(78,333)
-
(82,917)
_
(494,527)
_
(1,803,345)
 Transfers
Carried
Forward
£
£
(14,572)
-
_
_
(14,572)
-
_
_
24,572
849,254
_
_
10,000
849,254
_
_
-
162,748
-
1,463,438
-
2,317,130
-
-
-
47,580
(10,000)
10,000
-
21,917
-
6,000
-
14,500
_
_
(10,000)
4,043,313
__
_
-
4,892,567

Page 37

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

23. PRIOR YEAR INFORMATION (CONTINUED)

STATEMENT OF FUNDS (continued)

Charity
Brought
Forward
£
Artistic Development
14,572
_
14,572
_
General funds
General funds
478,739
_
Total unrestricted funds
493,311
_
Total restricted funds
4,441,340
_
Charity Total
4,934,651
 Income
£
-
_
-
_
1,547,387
_
1,547,387
_
106,500
__
1,653,887
 Expenditure
£
-
_
-
_
(1,166,179)
_
(1,166,179)
_
(494,527)
___
(1,660,706)
_		 Transfers
£
Carried
Forward
£
(14,572)
-
_
_
(14,572)
-
_
_
24,572
884,519
_
_
10,000
884,519
_
_
(10,000)
4,043,313
_
_
-
4,927,832

Designated funds

Artistic Development

Relates to funding for future artistic development, including the development of creative talent and the development of the building for creative use, including the studio. The transfer in the year relates to the funding of creative talent development and the development and repair of the building, including the Studio.

Restricted funds

Library Development – Fixed assets

Relates to the funding for the first phase of the Old Shepherd's Bush Library Development. The closing balance represents the net book value of the library development fixed assets.

Leasehold Property – Fixed assets

Relates to the gift of the125-year lease of the Old Shepherd's Bush Library by Hammersmith and Fulham Council. The closing balance represents the closing net book value of the leasehold property.

Major Capital Project - Fixed Assets

Relates to the funding of the second phase of capital development of the Old Shepherd's Bush Library, including completing the refurbishment of the building, improving public access and facilities for artists. The closing fund balance represents the net book value of the relevant fixed assets.

Page 38

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

23. PRIOR YEAR INFORMATION (CONTINUED)

STATEMENT OF FUNDS (continued)

Restricted funds (continued)

Old Library Capital Project 2013 – Fixed assets Relates to the funding received for the capital infrastructure upgrades of the Old Shepherd's Bush Library. The closing fund balance represents the net book value of the relevant fixed assets.

Major Capital Project 2013

Relates to the funding for the implementation of the second phase of the capital development of the Old Shepherd’s Bush Library, improving public access and facilities for artists.

Bush Theatre Unlocked

Relates to funding to enable the facilities of the building to be made available to the local community. The release in the year relates to the estimated community benefit provided during the year with no charge, including the provision of the library space and other facilities.

Talent Development Programme

Relates to funding for the development of writers, directors, producers and theatre-makers.

Artistic Programme

Relates to funding to enhance the theatre's artistic programme including the research, development and production of new plays and the programming of the spaces within the Old Library building.

Community Engagement Programme

Relates to the funding for the Bush’s community engagement and education programme.

Page 39

ALTERNATIVE THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

23. PRIOR YEAR INFORMATION (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets - unrestricted
Tangible fixed assets - restricted
Fixed asset investments - unrestricted
Cash - unrestricted
Cash - restricted
Other net current
(Liabilities)/assets - unrestricted		 Group
2021
£
49,486
3,943,318
-
608,248
99,997
191,518
___
4,892,567
 2020
£
49,486
4,276,595
-
214,894
164,746
228,930
___
4,934,651
 Charity
2021
£
2020
£
49,486
49,486
3,943,318
4,276,595
200
200
608,188
214,854
99,997
164,746
226,643
228,770
_
_
4,927,832
4,934,651

Page 40